From Homescape

Experts are crediting growth in the South to relatively strong local economies and housing prices that are among the most affordable in the United States. Of the 50 fastest-growing metropolitan areas, 27 were in the South and 20 were in the West, while none were in the Northeast, according to Census Bureau estimates released at the end of March.

Texans like it big
Texas cities in particular are seeing a surge in population. Dallas-Fort Worth added more than 162,000 residents between July 2006 and 2007, more than any metro area. The median home price in the Dallas-Fort Worth area is $180,000, according to HousingTracker.net. Houston, Austin and San Antonio also landed a spot in the Top 10. The median home prices in these areas are between $169,000 and $250,000. This is the second straight year that Texas metro areas have led the nation in this category.

On a percentage basis, the Palm Coast, Fla., area was the fastest-growing in the nation, with a 7.2 percent jump to more than 536,000. Cracking the top of the list were St. George, Utah; Raleigh, N.C.; Charlotte, N.C.; and Gainesville, Ga. In the Midwest, the Chicago-Naperville-Joliet region saw the greatest numeric increase between July 1, 2006 and July 2007, with a population reaching 9,524,673.

Despite its struggles to rebuild from Hurricane Katrina, New Orleans has showed promising signs of growth. The city was the eighth fastest-growing metro area, with about 39,885 people moving back into the city after the reconstruction from the disaster.

Job loss
Metro areas that didn’t fare well, according to the Census data, include Detroit, which saw a population decline of more than 27,300. Other cities that lost more than 5,000 people were Pittsburg, Cleveland, Columbus, Ga., Youngstown, Ohio, and Buffalo, N.Y. The economy in many of these areas have been stifled due to the closing of major of manufacturing plants and employers moving businesses offshore.

Industry experts often advise buyers looking to invest in a second home to search in areas that offer more job diversity. You can go to the U.S. Bureau of Labor Statistics to check out a city’s employment and unemployment rate during your home search. Population and job growth are two key indicators that help drive the real estate market and home appreciation.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com